Ill STAT. 2758 CONCURRENT RESOLUTIONS-JUNE 5, 1997 (4) Currently, spending on the elderly accounts for Vb of the Federal budget and more than VT. of all domestic spending other than interest on the national debt. (5) Future generations of Americans must be guaranteed the same value from the Social Security system as past covered recipients. (6) According to the 1997 report of the Managing Trustee for the Social Security Trust Funds, the accumulated balance in the Federal Old-Age and Survivors Insurance Trust Fund is estimated to fall to zero by 2029, and the estimated pa)n*oll tax at that time will be sufficient to cover only 75 percent of the benefits owed to retirees at that time. (7) The accumulated balance in the Federal Hospital Insurance Trust Fund is estimated to fall to zero by 2001. (8) While the Federal budget deficit has shrunk for the fourth straight year to $67,000,000,000 in 1997, measures need to be taken to ensure that trend continues. (b) SENSE OF THE SENATE.— It is the sense of the Senate that the provisions of this resolution assume that budget savings in the mandatory spending area should be used— (1) to protect and enhance the retirement security of the American people by ensuring the long-term future of the Social Security system; (2) to protect and enhance the health care security of senior citizens by ensuring the long-term future of the Medicare Program under title XVIII of the Social Security Act (42 U.S.C. 1395 et seq.); and (3) to restore and maintain Federal budget discipline to ensure that the level of private investment necessary for longterm economic growth and prosperity is available. SEC. 340. SENSE OF THE SENATE REGARDING THE VALUE OF THE SOCIAL SECURITY SYSTEM FOR FUTURE RETIREES. (a) FINDINGS. —The Senate makes the following findings: (1) The Social Security system has allowed a generation of Americans to retire with dignity. Today, 13 percent of the population is 65 or older and by 2030, 20 percent of the population will be 65 or older. More than V^ of the elderly do not receive private pensions and more than Vb have no income from assets. (2) For 60 percent of all senior citizens. Social Security benefits provide almost 80 percent of their retirement income. For 80 percent of all senior citizens. Social Security benefits provide over 50 percent of their retirement income. (3) Poverty rates among the elderly are at the lowest level since the United States began to keep poverty statistics, due in large part to the Social Security system. (4) Seventy-eight percent of Americans pay more in payroll taxes than they do in income taxes. (5) According to the 1997 report of the Managing Trustee for the Social Security Trust Funds, the accumulated balance in the Federal Old-Age and Survivors Insurance Trust Fund is estimated to fall to zero by 2029, and the estimated pajo-oll tax at that time will be sufficient to cover only 75 percent of the benefits owed to retirees at that time.
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